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Pharoah Company uses the percentage-of-receivables basis to record bad debt expense. The company estimates that...

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Accounting

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Pharoah Company uses the percentage-of-receivables basis to record bad debt expense. The company estimates that 2% of accounts receivable will become uncollectible. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) What is the ending (adjusted) balance in Allowance for Doubtful Accounts? Ending (adjusted) balance in Allowance for Doubtful Accounts

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